XPO Logistics files SEC Form 10 for planned GXO spin-off, ups guidance

PRESS RELEASE 

XPO Logistics Announces Public Filing of Form 10 Registration Statement for Planned Spin-Off of GXO Logistics

Press Release | Greenwich, Conn. | June 9, 2021

– Raises full year 2021 guidance for adjusted EBITDA

– Provides 2022 guidance for GXO, including year-over-year adjusted EBITDA growth of 14% to 20%

– Targets third quarter 2021 completion of spin-off

– Announces Investor Days in New York and London

XPO Logistics, Inc. (NYSE: XPO), a leading global provider of supply chain solutions, today announced the filing of a public Form 10 registration statement for GXO Logistics with the U.S. Securities and Exchange Commission. The Form 10 was filed in connection with XPO’s planned spin-off of its logistics segment into a separate publicly traded company. XPO expects to complete the spin-off in the third quarter of 2021, with GXO trading on the New York Stock Exchange, and is pursuing an investment-grade rating for both companies — GXO from day one, and XPO to follow.

In addition, the company filed supplementary financial information for GXO and XPO post spin-off. The Form 10 and supplementary financial information are available on the company’s website at xpo.com/investors.

Brad Jacobs, chairman and chief executive officer of XPO Logistics, said, “GXO’s Form 10 public filing is a key step forward in our spin-off plan. The separation will create two pure-play powerhouses in the supply chain industry, XPO in transportation and GXO in logistics, each with enhanced prospects for growth.”

Malcolm Wilson, chief executive officer of XPO Logistics Europe and planned CEO of GXO, said, “GXO will have accelerated momentum out of the gate as an independent company, as reflected in the strong 2022 guidance we issued today. Our growth is being driven by customer demand for outsourcing and for two areas of logistics where we hold leading positions — warehouse automation and e-commerce.”

Raises Full Year 2021 Guidance for Adjusted EBITDA

XPO has increased its expectation for Q2 2021 adjusted EBITDA to at least $490 million, driven by stronger-than-expected performance in its transportation segment. Consequently, the company has increased its outlook for full year 2021 adjusted EBITDA to at least $1.845 billion to $1.895 billion, compared with the prior guidance of $1.825 billion to $1.875 billion.

The new range for 2021 adjusted EBITDA reflects a year-over-year increase of 32% to 36% above 2020, comprised of…

The full release can be read here.

Stock up 1.1% in pre-market trade at the time of writing.